You will get ₹ 5000 every month for ₹ 210 from Atal Pension Yojana: This scheme will provide financial security for your retirement, understand the complete mathematics of investment in it.

You can arrange pension for yourself through Atal Pension Yojana. Under Atal Pension Yojana, after turning 60, one gets a pension of Rs 1,000 to Rs 5,000 every month.

Through this scheme you can provide financial security in your old age. We are telling you about this scheme…

Investment has to be made for 20 years

Under Atal Pension Yojana, after turning 60, one gets a pension of Rs 1000 to Rs 5000 every month. A person between 18 years to 40 years can invest in it. If a person takes this scheme, he will have to invest for at least 20 years.

The amount of investment will be decided according to your pension.

How much will be deducted from your amount for investment in this scheme will depend on how much pension you want after retirement. To get pension of Rs 1 to 5 thousand per month, the subscriber will have to pay Rs 42 to Rs 210 per month. This will happen on taking the scheme at the age of 18 years.

Whereas, if a subscriber takes the scheme at the age of 40 years, he will have to contribute Rs 291 to Rs 1,454 per month. The more the subscriber contributes, the more pension he will get after retirement.

You can pay installments as per your convenience

Under this scheme, investors can invest monthly, quarterly or semi-annually i.e. in a period of 6 months. Contribution will be auto-debited, that is, the fixed amount will be automatically deducted from your account and deposited in your pension account.

After the death of the subscriber, his spouse will get pension.

After the death of the subscriber, equal pension will be paid to his/her spouse and on the demise of both the subscriber and the spouse, the pension amount accumulated till the age of 60 years will be returned to the nominee.

Whereas in case of death of the subscriber before 60 years of age, his spouse can continue to contribute to the APY account. The spouse of the subscriber will be entitled to receive the same pension amount as the subscriber was entitled to receive. However, if he wishes, he can choose not to do so and withdraw the entire amount deposited in his APY account.

Taxpayer does not get the benefit of the scheme

Atal Pension Yojana is not for taxpayers. That means if you pay income tax then you will not be able to open an account under this scheme. The government has implemented these rules from October 1, 2022.

Where can you open an account

You can open an account for this scheme by going to the bank, most of the banks are providing this facility. At the same time, investment can be made in this scheme through post office also. Apart from this, banks also provide the facility of opening online accounts.

Questions and answers related to Atal Pension Yojana

Question 1: Can APY account be opened even without a savings account?

answer: No, it is necessary to have a savings bank account for this scheme.

Question 2: How is the date of monthly contribution decided?

answer: It is decided on the basis of the date of first investment.

Question 3: Is it necessary for subscribers to have a nominee?

answer: Yes, it is necessary to have a nominee.

Question 4: How many accounts of Atal Pension Yojana can be opened?

answer: Opening of only one account of Atal Pension Yojana is allowed.

Question 5: What if there is no balance in the account for monthly contribution?

answer: There will be a penalty for not having enough balance in your account to make monthly contributions.

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